O-LevelAccountingVerification of accounting records7707/11 · May/June 2023 · Q111 Mark
Jack has opened a suspense account. He has found that rent paid of $250 has been correctly entered in the rent account but credited to the bank account as $520. Which entries will correct this error?
Adebit: bank account $270, credit: suspense account $270
Bdebit: bank account $520, credit: suspense account $520
Cdebit: suspense account $270, credit: bank account $270
Ddebit: suspense account $520, credit: bank account $520
✓ Correct answer
A: debit: bank account $270, credit: suspense account $270
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